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6 Sept 2021

Dollar near to a one-month low; Fed could Delay Start of Tapering

The Index Today

Monday, the dollar seen falling near to a one-month low versus the major currency rivals, due to a lower-than-expected jobs report encouraged some predictions that the U.S. Federal Reserve could delay the start of tapering.

The dollar index, edged 0.1% higher to 92.201, after dipping to 91.941 for the first time since Aug. 4 on Friday, when a closely observed U.S. labour data showed the world's largest economy created the fewest jobs in seven months since August.

The euro eased 0.08% to $1.18685 after matching its peak level since June 29 at $1.1909 at the end of last week. The single currency has been supported by expectations the European Central Bank, which meets on Thursday, is close to tapering its own stimulus programme.
The greenback edged 0.09% higher to 109.785 yen, still curving in the middle of its trading range of the past two months.
The U.S. average hourly earnings jumped 0.6%, the result of worker shortages caused by the pandemic.
These scenarios paint a complex economic picture for the Fed, which has to balance keeping the inflation in check against its new commitment to a broad labor market recovery.
Fed Chair Jerome Powell reiterated last August that the U.S. central bank will continue its asset purchases at the current pace until they see "substantial further progress toward our maximum employment and price stability goals."
U.S. markets were closed on Monday for a holiday.
Three major Australian banks said on Monday they had pushed back their expectations for the start of Fed tapering following the U.S. jobs report.
CBA strategists wrote in a client note that "The U.S.'s deteriorating COVID situation will weigh on the USD because the situation is better elsewhere in the major economies."

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